Index drops for 2nd straight day

MANILA, Philippines - Share prices fell for the second straight day yesterday on the back of negative economic and geopolitical news abroad.

The Philippine Stock Exchange index declined 0.83 percent or 56.58 points to settle at 6,727.14, while the broader all shares index shed 0.50 percent or 21.01 points to 4,195.96.

Outside of Japan that rose on monetary easing plans of the Bank of Japan, Asian shares were in the red ahead of the release of a key payroll data from US.

Investors were worried on continuing tensions in the Korean peninsula and a bird flu scare in China.

For instance, Hong Kong’s Hang Seng slumped 2.73 percent or 610.59 points to 21,726.90, while Singapore’s Straits Times lost 0.23 percent or 7.64 points to 3,300.16.

In the local market, all counters were in the red, paced by finacial firms that slipped 1.28 percent or 22.19 points to 1,716.91.

Turnover value rose to P7.33 billion from P6.7 billion on Thursday.

Decliners outplayed advancers, 101 to 52, while 42 stocks did not change.

The decline of the PSEi “implies further tests towards the 6,500-6600 levels in the near-term after the 6750 level gave way earlier,” said Jonathan L. Ravelas, chief market strategist at BDO Unibank Inc.